Atlantis plan overseas expansion
22 July 2010
Atlantis Healthcare plans to use $20 million it has received in venture capital investment to fund overseas expansion and research and development activities.
For its investment, the UK-based White Cloud Capital is getting a 50% stake in the Auckland firm, known for its medication compliance and disease management support services in nine countries.
Addressing a small gathering in Auckland to celebrate the alliance earlier this week, Trade Minister Tim Groser formally thanked White Cloud for the investment. He referred to the internatiional success of Kiwi firms such as Orion Health, Fisher & Paykel Health and Atlantis and said the world is recognising the country’s achievements in health technology.
“We are building an international reputation for quality and innovation in this arena,” he said.
Atlantis chief executive Michael Whittaker says the importance of adherence continues to grow globally as chronic conditions such as diabetes and heart disease assume an ever larger proportion of the overall healthcare burden.
About 20% of patients, he says, do not pick up their prescription and between 40% and 50% of chronically ill patients stop their medication after six months.
The company uses a combination of health psychology and marketing and communication tools to address the issue, thereby helping improve adherence to treatment and medication regimens.
“Changing patient behaviour is above all a matter of understanding each individual's barriers to change, and developing a solution accordingly. There is no one size fits all strategy,” Mr Whittaker says in a media release.
“Traditional healthcare models are built around treating acute conditions, and are often not equipped to give patients with chronic illnesses the support they need to effectively self-manage their treatment.
“Essentially, we are looking to fill the gap that exists between the pharmaceutical industry, healthcare providers and funders, and patients, in a way that ensures the optimum outcome for all parties.”
Mr Whittaker says in Auckland University head of health psychology Keith Petrie and Atlantis’ European head of health psychology, John Weinman (of the University of London) the company has two of the world's leading thinkers on health psychology to complement its expertise in research, communication, and customer understanding.
Traditionally, Atlantis' customers have been major pharmaceutical companies. While those companies remain an essential part of Atlantis' business, the chief executive says the company is increasingly serving healthcare providers, government agencies, insurance companies, and others wanting to ensure treatment regimes produce optimal health outcomes while remaining cost effective.
Atlantis is currently engaged in talks with a Middle Eastern government on initiatives to combat that country's increasing incidence of diabetes.
As part of the $20 million investment, Atlantis will also establish a New Zealand-based research institute, which Mr. Whittaker says the company seeks to develop over time to become one of the world's leading centres for researching and developing innovative, scalable solutions to non-adherence.
Atlantis has secured Walter Stahl as the chairman of its board of directors. Mr Stahl is a healthcare industry veteran of more than 30 years with experience throughout Asia, Europe and in New Zealand. White Cloud Capital founding partner Nicholas Watkins will also join the Atlantis board, along with Fisher & Paykel’s Gary Paykel.
BY RAJESH KUMAR
Source: http://pharmacytoday.co.nz/news-details?objId=6d2fb6ca-4b26-402c-bb7a-f607ec2f216e
